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Friday, 29 April 2016

ROLLER COASTER RIDE! NIFTY END IN THE GREEN

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Overall
it was a consolidation day for the market that has been in a tight range of 7600-8000
for more than a month. Nifty started off the May series on a flat note after
more than a percent upside in previous series, shrugging off weak global cues. The
Sensex rose 3.52 points to close at 25606 after trading in a 300 point range.
The Nifty touched an intraday low of 7788 before closing up 2.55 points at 7849.
Experts believe the current consolidation could be an indication of further
rally in near term. They expect the Nifty could cross 8000 level soon, citing
improving fundamentals and stable commodities. Idea Cellular plunged 6.5% after
showing a 24.7 percent sequential degrowth in Q4 profit.Shares of infrastructure major Hindustan Construction Company fell by
4.5 % after it reported an over 7 per cent decline in stand-alone net profit
for the March quarter. Reacting to the numbers, the stock plunged 4.54 per cent
to Rs 21 on BSE. The
rupee had earlier recovered by 7 paise to 66.45 against the US dollar in early
trade on fresh selling of the American currency by exporters amid sustained
foreign fund inflows. However, it is now down 6 paise at 66.45 against US
dollar. Ajanta Pharma also declined 1.5 percent after its March quarter
operating profit margin disappointed the street. State Bank of Bikaner and
Jaipur dropped 2.5 %as profit in Q4 fell 31 percent due to higher provisioning
while Marico and Force Motors gained nearly 3 percent, reacting to
better-than-expected earnings. Poor March quarter earnings from ICICI Bank -1.48
% and weak global cues spooked Dalal Street on Friday, causing the equity
benchmarks to close flat. Elsewhere in Asia, China's Shanghai Composite ended
0.25 % down while Hong Kong's Hang Seng lost 1.50 %. The Japanese market was
shut for the day on account of a holiday.